Harley-Davidson posts Q3 profits, but sales drop
Harley-Davidson Inc today said its third-quarter profits more than doubled, led by the improved performance of its financial services unit, but reported a drop in worldwide sales.autos Updated: Oct 20, 2010 10:43 IST
Harley-Davidson Inc on Tuesday said its third-quarter profits more than doubled, led by the improved performance of its financial services unit, but reported a drop in worldwide sales.
The largest US motorcycle maker said its net income climbed to $88.8 million from $26.5 million a year earlier. While revenue dropped 1.9 per cent to $1.09 billion, retail sales fell 7.7 per cent worldwide - 9.4 per cent in the US and 3.6 per cent in international markets compared to the year-ago period.
"Despite the continued challenges in the economy, we are making solid, steady progress at transforming our business," said CEO Keith Wandell. "The results we are seeing stem directly from the actions we are taking to restructure the business."
The company now expects to ship 207,000 to 212,000 motorcycles to dealers in 2010, a decrease of approximately 5-7 per cent from 2009.